A recent study has found that the world’s richest city, Hong Kong, has over 300,000 millionaires. The study, conducted by the data firm Wealth-X, analyzed the number of millionaires in major cities around the world.
According to the study, Hong Kong has a total of 319,000 millionaires, making it the city with the highest concentration of millionaires in the world. The city also has a high number of ultra-high net worth individuals (UHNWIs), with 10,010 people holding a net worth of at least $30 million.
The study also found that New York City came in second place, with 281,000 millionaires, followed by Tokyo with 187,000 millionaires. Other cities with high numbers of millionaires include Singapore, London, and Beijing.
The concentration of wealth in Hong Kong has been a subject of much debate in recent years, with critics arguing that the city’s high housing prices and income inequality are contributing to social and economic disparities. The city’s government has implemented various policies to address these issues, including a recent plan to increase the supply of public housing.
Despite these efforts, the wealth gap in Hong Kong continues to widen, with the city’s Gini coefficient, a measure of income inequality, reaching a record high in 2020.
The study also highlights the growing trend of wealth concentration in urban centers around the world. As cities become increasingly important hubs for business and innovation, they are attracting a growing number of wealthy individuals.
However, this trend also raises concerns about the potential impact on social and economic inequality, as the benefits of urban growth are not always shared equally across society.
